This question I want to ask any Vietnamese who help a foreigner to register a business
AND/OR any foreigner who has a Vietnamese helped to register a business:
Someone is asking me to help him register his company in Vietnam.
I'm thinking and researching about it.
I'm aware that the info is confidential for you,
but if possible, may you share with me a little bit in what you can share
about the business relationship between you and your Vietnamese partner?
I want to ask if your Vietnamese partner really contribute in the shared part on paper,
or was it totally money from you/your company?
And how do you maintain them in the business?
Do you need to pay them for name-bearing?
or do you need to give them profit-sharing?
And how about legal responsibility?
Any input is highly appreciated.
Thanks,
Khuyen
Want to ask about Vietnamese business relationship
Be very, very, very careful. If the business is in any way related to your name and there are problems you can find yourself in deep trouble.
It's oftentimes a 'Catch 22' situation. If you don't have your name in/on a business, you are practically not important, not relevant, and not a decision-maker, within that business in that foreign country. That's the general rule in businesses in emerging or frontier markets owned (in whole or in part) by expats. However, as expressed earlier, there can be traps, and the judiciary will NOT likely be on your side (unless there is 'facilitation money' involved), and the 'locals' will almost always have preference either due to language, culture, history, knowledge of local laws or back-room practices, negotiations, whatever. Find a good local Partner, and you can reach unbelievable success. Find the wrong Partner, and you might be finding yourself a new boyfriend called 'Bubba' in a local jail ...Having said that, the same issue can be had even if you had an apparently-legal 'work permit' in many countries - you can still be held hostage.
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